Rose rise cars

Vietnam logged a US$3.58 billion trade deficit in the first ten months of this year, largely due to rising imports of cars, the latest customs data shows.
The country's exports in the ten-month period topped $134.41 billion, up $10.31 billion compared to a year earlier, according to the General Department of Vietnam Customs.
Imports stood at nearly $138 billion, a $16.6 billion increase year on year.
Total import-export turnovers were therefore $272.4 billion, up $26.9 billion from the Jan-Oct period last year, while Vietnam returned to a $3.58 billion trade deficit from a surplus of $2.36 billion in the same period in 2014.
The Southeast Asian country spent $2.33 billion on bringing home 97,320 completely built-up (CBU) cars in the ten-month period, an 89 percent increase in volume and 102 percent rise in value, according to the customs data.
China was Vietnam’s largest CBU car supplier, with 21,050 units sold between January and October, representing a 115 percent … [Read more...] about Trade deficit in Vietnam hits $3.6bn in Jan-Oct over rising car imports

CAR firms are supporting registration fees and reducing prices to lure back customers scared off by the car price hike since the beginning of the year, due to new taxes. Mercedes Benz Vietnam (MBV) has announced a lucky draw for its customers, with bank accounts containing between VND100 million ($6,290) and VND300 million ($18,867) set to go to three lucky buyers of C-Class vehicles and minibuses. In addition, the company will partly support registration fees, to the tune of $1,150 for C180K and $700 for MB140D buyers. MBV public relations manager Nguyen Hop Ky said this was a promotion campaign that would end in June, not a price reduction. "We sympathise with those customers who saw car prices increase significantly as a result of the tax imposition," Ky said. He said that actual MBV car prices this year were lower than last year and the price increases since the beginning of the year were due to the taxes, not to the company's intention to hike prices. "Our surveys showed that … [Read more...] about Car deals to cushion tax impact

The Vietnamese Automobile Manufacturers' Association (VAMA) has reported increases in car sales in May and June, seeing this as an optimistic sign for market prospects through the year's end, after suffering a sharp drop in April due to the Government's imposition of a higher special consumption tax.
VAMA said 8,761 units were sold in May and 9,699 in June, bringing the total car sales in the past six months to a level nearly equal to that in the same period last year.
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The association attributed the rebound in car sales to the Government's adoption of measures to help carmakers weather difficulties in the context of economic decline, including axing the value added tax (VAT) and registration fees by 50 percent. … [Read more...] about Car sales rev back up

HA NOI (VNS)— Viet Nam imported 16,000 completely built cars, or units (CBU), worth US$308 million in the first half of this year, up 17.8 per cent in volume and 7.5 per cent in value year-on-year.
The General Statistics Office (GSO) said the strong rebound shows that the import value of CBU cars has been rising since earlier this year, fuelled by hopes of a cut in new car registration fees.
Each month for the first four months of this year saw nearly 3,000 CBU cars being imported, with their value increasing sharply from $48 million in March to $50 million in April and $66 million in May.
However, their import value dropped to $55 million in June.
Meanwhile, from earlier this month, the Ha Noi People's Council started to cut the registration fees on new cars with fewer than 10 seats to 12 per cent.
Registration fees for second-hand cars with fewer than 10 seats will remain at 2 per cent.
The current level of 15 per cent was introduced at the beginning of April, down from … [Read more...] about Fee cut drives up car imports

Total assets of Viet Nam’s banking system reached more than VND9.25 quadrillion (US$407.5 billion) by the end of August, an increase of 8.79 per cent over the beginning of this year, statistics from the State Bank of Viet Nam (SBV) show.Assets of seven State-owned banks rose 8.69 per cent to nearly VND4.2 quadrillion, accounting for 45.4 per cent of the total number. State-owned banks where the State holds the majority stake include Agribank, Vietcombank, Vietinbank, Bank for Investment and Development of Viet Nam (BIDV), Viet Nam Construction Bank, GPBank and Ocean Bank.Meanwhile, assets of joint-stock commercial banks stood at more than VND3.72 quadrillion, up 8.75 per cent.Total assets of finance and financial leasing companies were a little more than VND134 trillion ending August, but this group witnessed the strongest asset growth of more than 17.2 per cent.Only Co-operative Bank of Viet Nam saw its assets fall by 1.36 per cent.Ending August, total charter capital of the … [Read more...] about Banking assets rise to more than $407 billion